Financial Statements of a Manufacturing Firm The following events took place for Rockhaven Biking Inc. during February, the first month of operations as a producer of road bikes: - Purchased $420,000 of materials. - Used $380,200 of direct materials in production. - Incurred $109,400 of direct labor wages. - Applied factory overhead at a rate of 30% of direct labor cost. - Transferred $495,400 of work in process to finished goods. - Sold goods with a cost of $471,400. - Revenues earned by selling bikes, $779,900. - Incurred $158,600 of selling expenses. - Incurred $77,100 of administrative expenses. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your Open spreadsheet a. Prepare the income statement for Rockhaven Biking Inc. for the month ending February 28. Check My Work a. Both product and period costs must be reported on the income statement and are necessary to measure income. b. Set up T accounts for Materials Inventory, Work in Process Inventory, and Finished Goods Inventory accounts